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U.S. markets recover from steep losses
LONDON, Jan. 5 (UPI) -- GCap Media's board of directors has rejected a takeover proposal from Global Radio.
GCap -- Britain's largest commercial radio group -- became a target last month after Global Radio lost out to Bauer of Germany, at an auction for the radio assets of Emap, The Times of London reported Saturday.
The GCap board rejected Global Radio's offer in December and kept the discussions and decision secret, the Times reported. GCap's board believed the offer undervalued its assets, the Times reported.
Global Radio is privately owned by Charles Allen, a former ITV chief executive, who wants to expand his company's presence in commercial radio throughout Britain, the Times reported.
Representatives for GCap and Global Radio have declined to comment publicly on the takeover discussions.
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